Professionals who invested in upskilling over the last 3 to 5 years experienced a 2.5x increase in appraisals and 2.3x more frequent promotions, according to a report by edtech unicorn upGrad. The study surveyed over 3,500 white-collar professionals in urban India.
Furthermore, those who focused on upskilling also claimed to receive 2.3x more frequent promotions than those who didn’t. Additionally, individuals who upskilled in the past 3–5 years reported 1.7x more job security.
The study found that the average percentage of annual income spent on upskilling was approximately ₹15,500 per learner. When it comes to focus areas, respondents emphasised the importance of soft skills and industry-specific training for career advancement.
Family support played a significant role in self-sponsoring upskilling, with 42 per cent of respondents relying on family support for a portion of their fees. Meanwhile, 48 per cent self-sponsored their upskilling, with a primary focus on technical skills, online courses and professional certifications.
Career impact
Self-sponsored upskilling was found to be more popular and often led to career changes, including job or even career switches. Individuals who self-sponsored their upskilling were up to 10x more likely to change companies compared to those who were employer-sponsored.
The report highlighted that 3 out of 5 upskilled professionals received annual promotions, while only 1 out of 5 non-upskilled professionals achieved the same. Furthermore, 23 per cent of non-upskilled professionals experienced career stagnation with no promotions over the past 5 years.
The level of company sponsorship for upskilling was directly proportional to the company’s employee strength.
Mayank Kumar, Co-Founder and MD of upGrad, emphasised the importance of continuous learning, stating that upskilling has become a crucial driver of growth in the industry. He noted that long-lasting jobs are fading and continuous learning is the key to embracing opportunities.
Interestingly, both young professionals from tech and non-tech backgrounds continue to turn to boot camps for quick skill refreshment, with cloud engineering, DevOps and full-stack development remaining popular choices.